[Finance] The cryptocurrency (Bitcoin etc) thread

[Tyrone Biggums]

Tell you what, if I had a magic money machine that generated 2% gains per week, I'd tend to put my own money in and quietly reap the dividends. I certainly wouldn't divulge my 'secret' to random marks on the internet. Unless of course I needed to, surprise, surprise, "bet with other people's money". Which means of course that someone higher up the food chain is betting with your money. Like I say, how do you think this ends for most of the marks lured into the Ponzi?

Superannuation funds divulge who they invest in.

Anyone can view who and how much they hold.

Ponzi?

 

[Tom Hark Preston Park]

Superannuation funds divulge who they invest in.

Anyone can view who and how much they hold.

Ponzi?

2% gains per week? Yeah, righto

 

[Tyrone Biggums]

2% gains per week? Yeah, righto

2% isn't much.

I do between 5-10% a week betting on Greyhounds for the place.

 

[schmunk]

2% isn't much.

I do between 5-10% a week betting on Greyhounds for the place.

Consistently...?

You're telling us you make 1,100% - 14,000% APR from your gambling...?

 

[pb21]

2% isn't much.

I do between 5-10% a week betting on Greyhounds for the place.

Got any tips?

 

[Tom Hark Preston Park]

2% isn't much.

I do between 5-10% a week betting on Greyhounds for the place.

Consistently...?

You're telling us you make 1,100% - 14,000% APR from your gambling...?

This. Pathetic isn't it? This thread should come with a Health Warning to stop as few impressionable NSC users as possible being sucked into this pure grift. Guess what? If it looks too good to be true...

 

[Tyrone Biggums]

Consistently...?

You're telling us you make 1,100% - 14,000% APR from your gambling...?

I'm telling you that the % isn't high.

And how did you come up with those numbers? No question of what system is employed or how much is wagered.

I had a work mate who played a system where he turned $2 into over 4k by starting with a single bet and then just kept reinvesting the total on each bet. He only ever took odds of 1.10-1.20

I believe it took him just over 50 bets in a row to achieve that. The final bet was on a dog called Turnip.

 

[Tyrone Biggums]

Got any tips?

Not for the English dogs. Horrible tracks.

 

[Tyrone Biggums]

This. Pathetic isn't it? This thread should come with a Health Warning to stop as few impressionable NSC users as possible being sucked into this pure grift. Guess what? If it looks too good to be true

I'm sure all the people who come in here for a chat about crypto will heed your wise words Karen.

 

[schmunk]

I'm telling you that the % isn't high.

And how did you come up with those numbers? No question of what system is employed or how much is wagered.

The numbers? Maths. Given you are flummoxed by the simple compound interest calculation, it leads me to believe that you're probably not really one of the world's most successful gamblers...

 

[Tom Hark Preston Park]

I'm sure all the people who come in here for a chat about crypto will heed your wise words Karen.

Keep pumping them digital pokies me ol' dole bludger. She'll be right

 

[Tyrone Biggums]

The numbers? Maths. Given you are flummoxed by the simple compound interest calculation, it leads me to believe that you're probably not really one of the world's most successful gamblers...

What numbers? Did I say anything about what the price was or how much was wagered?

If you bet $10 each week on a $1.20 price you will end up with a profit of $104 for 12 months if every bet comes in.

So use your maths skills to work out what % that is a week...


Hardly a huge sum of money is it?

 

[Tyrone Biggums]

Keep pumping them digital pokies me ol' dole bludger. She'll be right

You mean like Coinbase shares? Listed on the Nasdaq?

 

[schmunk]

What numbers? Did I say anything about what the price was or how much was wagered?

If you bet $10 each week on a $1.20 price you will end up with a profit of $104 for 12 months if every bet comes in.

So use your maths skills to work out what % that is a week...


Hardly a huge sum of money is it?

You're now saying that you're making a 20% weekly "interest rate" from your gambling, equivalent to 1.3M% APR (or 1,040% annually in simple interest if you're not reinvesting).

Of course, if you actually don't win 100% and limit yourself to a more realistic, but still very successful indeed, 75% win rate...


...you'll end up spending £130 to 'win' £78 - a net loss of £52.



(Pro tip: long-term stats say that professional gamblers tend to win about 55% of bets)

 

[Tyrone Biggums]

You're now saying that you're making a 20% weekly "interest rate" from your gambling, equivalent to 1.3M% APR (or 1,040% annually in simple interest if you're not reinvesting).

Of course, if you actually don't win 100% and limit yourself to a more realistic, but still very successful indeed, 75% win rate...


...in reality you'll end up spending £130 to 'win' £104 - a net loss of £26.

I provided you with an example of a small weekly bet that can produce a 20% return seeing as there's a few clueless types who think that 2% is a huge weekly return.

If you think 2% a week is a big return you're a pauper at heart.

 

[Tom Hark Preston Park]

You mean like Coinbase shares? Listed on the Nasdaq?

Crypto BS all going to zero

 

[Tyrone Biggums]

They're all going to zero

I'll put a $500 bet with you they ALL don't.

 

[schmunk]

I provided you with an example of a small weekly bet that can produce a 20% return seeing as there's a few clueless types who think that 2% is a huge weekly return.

If you think 2% a week is a big return you're a pauper at heart.

It's a small weekly bet that makes a 20% return, until it suddenly makes a 100% loss.

Somewhat like crypto.

 

[Tyrone Biggums]

It's a small weekly bet that makes a 20% return, until it suddenly makes a 100% loss.

Somewhat like crypto.

Somewhat like shares.

 

[Tom Hark Preston Park]

It's a small weekly bet that makes a 20% return, until it suddenly makes a 100% loss.

Somewhat like crypto.

It's so moronic it's barely worth engaging with